Question

A social scientist would like to analyze the relationship between educational attainment (in years of higher...

A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual salary (in $1,000s). He collects data on 20 individuals. A portion of the data is as follows:

Salary Education
34 3
66 1
89 4
56 3
71 7
80 2
111 7
51 0
23 7
36 2
100 1
35 1
71 6
68 9
163 5
56 0
86 5
58 4
128 9
33 0

a. Find the sample regression equation for the model: Salary = β0 + β1Education + ε. (Round answers to 3 decimal places.)

Salaryˆ=Salary^=    +   Education


b. Interpret the coefficient for Education.

  • As Education increases by 1 unit, an individual’s annual salary is predicted to decrease by $4,689.

  • As Education increases by 1 unit, an individual’s annual salary is predicted to increase by $4,689.

  • As Education increases by 1 unit, an individual’s annual salary is predicted to decrease by $8,590.

  • As Education increases by 1 unit, an individual’s annual salary is predicted to increase by $8,590.

c. What is the predicted salary for an individual who completed 7 years of higher education? (Round answer to the nearest whole number.)

SalaryˆSalary^               $

Homework Answers

Answer #1

Regression equation Salary = 52.9318 + 4.6890 Education

b) As education increases by 1 unit an individual salary is predicted to increase by $4689

c) Given, education = 7

Salary = 52.9318 + 4.689*7 = 85.7548 = $ 85754. 8 = $85755

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